EuropeFinance and InsuranceOffshore

GC Rieber given financial boost with relaxation of credit facilities

Norway’s GC Rieber Shipping has been given a financial boost after sealing amendments to its two subsea and renewables credit facilities.

The amendments including covenant relaxations, prolonging the 80% reduction of scheduled amortisation until the end of 2021. This will mean that scheduled instalments in 2021 will be reduced by around $8m.

Einar Ytredal, CEO of GC Rieber Shipping, commented: “The recent amendments will prolong GC Rieber Shipping’s financial runway, enabling the company to focus on developing profitable and sustainable maritime projects as a shipowner and project house.”

Earlier this month, GC Rieber Shipping entered into an agreement with OSM Maritime Group that will see it transfer all technical, crewing and support functions in Bergen to OSM.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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